Trade of the Day: EUR/JPY

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ChartViper Trade of the Day

EUR/JPY recently broke the key resistance level 149,53, which was recently identified by Autochartist. Autochartist rates the significance of this resistance level at the 6-bar level – which is the result of the 6 earlier reversals from this price level. EUR/JPY is expected to rise further toward the forecast price 150,02.

As can be seen from the daily EUR/JPY chart below – the pair earlier reversed up from the support zone located between the key support level 149,00 (which reversed the pair multiple times from May) and the 50% Fibonacci correction of the upward impulse from last month. The proximity of this support zone and the clear daily uptrend add to the probability EUR/JPY will continue to rise toward the forecast price 150,02.

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